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1/16/25, 4:22 PM UAE, Saudi markets eye fresh wave of blockbuster IPOs after record 2024 - Arabian Business: Latest News on the Middle East, Re…
This shift was marked by Nice One’s landmark listing on Wednesday, which saw the beauty and
care e-commerce platform raise SAR 1.21 billion ($323 million), with institutional orders exceeding
SAR 169 billion. The UAE’s potential Dubizzle IPO, which could be valued between $500 million and

$1 billion according to people familiar with the matter, could further reinforce this trend.

Digital-first businesses are attracting strong investor interest due to their scalability and innovation

potential, while traditional companies are evaluated based on proven profitability and market
position, Turner noted, adding that this reflects the broader digital transformation priorities in both
markets.

“Investor appetite has shifted significantly toward digital-first businesses, particularly in sectors like

AI, fintech, and e-commerce. Digital companies attract strong investor interest. However,
traditional businesses that demonstrate digital transformation and strong fundamentals continue
to perform well,” he said.

Digital-first businesses, he said, are valued for their scalability and innovation potential while
traditional companies are evaluated based on proven profitability and market position. “This trend
is particularly evident in UAE and Saudi markets, where digital transformation is a key economic

priority.”

However, both markets have shown notable differences in sector focus. The UAE has leaned more
towards sustainability, tech, and consumer-oriented sectors while Saudi jas maintained a balance
between its “traditional strengths” in construction and energy as well as emerging sectors like e-

commerce and healthcare.

Turner added that both markets are actively pursuing economic diversification through their IPO

strategies, albeit with different emphases reflecting their unique priorities and economic visions.

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